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Spot gold is expected to retest a support at $1,818 per ounce, a break below which could cause a fall to $1,801.
The metal is riding on a wave C from $1,875.26, which is far from complete. It is expected to travel to $1,726, its 100% projection level.
Three smaller waves make up the wave C. The small wave c is unfolding. Resistance is at $1,830, a break above which could lead to a gain to $1,840.
A further gain above $1,840, however, could indicate an extension of the uptrend from the Feb. 4 low of $1,784.76towards $1,853-$1,875 range. On the daily chart, signals are a bit neutral as gold is temporarily stuck in a range of $1,805-$1,841. An escape could suggest the next direction.
(Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.)
(No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analysis.)
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